Will the hottest resource tax rise affect oil and

2022-07-24
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The details of resource tax reform will be further clarified. When answering questions on the revised Interim Regulations of the people's Republic of China on resource tax, the relevant responsible persons of the Ministry of Finance and the State Administration of Taxation revealed yesterday that the tax rate for oil and natural gas resources is tentatively 5%, lower than the previous industry expectations. The official also said that the resource tax reform will only increase the profits of crude oil extraction enterprises, but will not increase the burden on oil refining enterprises and consumers

the resource tax rate will be appropriately increased in the future

this resource tax reform mainly involves two aspects: first, the ad valorem rate is increased. The new tax law changes the resource tax on crude oil and natural gas from ad valorem to ad valorem, and correspondingly raises the tax level on crude oil and natural gas, with the tax rate of 5% - 10%. Second, the tax system for oil and gas resources of domestic and foreign-funded enterprises has been unified, the mining area royalties levied on Sino foreign cooperative oil and gas fields and offshore self operated oil and gas fields have been cancelled, and the resource tax has been uniformly replaced

talking about the reasons for this reform, the person in charge explained that the current Provisional Regulations on resource tax were formulated in 1993, and crude oil and natural gas were levied in specific quantities. At that time, planned pricing was implemented for oil and gas products, so the price was relatively stable and fixed, so it was relatively simple to calculate and levy in specific quantities and quotas. However, with the reform and improvement of the crude oil pricing mechanism, China's crude oil price has been in line with the international oil price. The price fluctuates greatly and shows a rising trend. However, oil and gas resource tax is still levied according to quantity and quota, so the cost of ecological restoration and environmental compensation that enterprises should bear is low, which to some extent causes waste of resources and damage to the ecological environment, and also affects the interest compensation of resource lands, which is not conducive to effectively playing the role of resource tax in regulating the economy and promoting regional coordinated development

the tax rate of oil and gas resources is determined by how much the change-over switch is in the "fast back" position. There has been a lot of speculation in the industry before. The official disclosed that at present, the ad valorem tax rate of crude oil and natural gas is temporarily 5%, which is lower than the previous industry expectations. However, he also said that in the future, the country will still promote the reform of resource tax and appropriately raise the tax rate to give full play to the regulatory role of resource tax

not only in terms of price, but also in terms of items, the resource tax reform has not been completed in one step

coking coal and rare earth mines, which account for a very large proportion of China's resource consumption, are listed separately, and the tax calculation method and tax rate have not been adjusted. The responsible person explained that this is taking into account that the State Council has approved to increase the resource tax rate of coking coal and rare earth minerals from February 2007 and April 2011. Professor linboqiang of the energy economy research center of Xiamen University believes that since coal accounts for nearly 70% of China's total energy consumption, this move is out of consideration of stabilizing the energy market

the above person in charge also disclosed that it will further expand 2 The scale refers to the scope of ad valorem resource tax collection with poor sensitivity. We will continue to promote the reform of resource tax for other resource items except oil and gas

there is no price transmission in adjusting the crude oil resource tax.

the resource tax reform regulations will significantly increase the total amount of taxation. Public opinion is worried about whether heavy taxes will be passed on to consumers. The above responsible person denied this

China's crude oil price is in line with the international crude oil price, which is affected by multiple factors such as the supply and demand relationship in the international market, the trend of the US dollar, geographical risks and international speculation. Under this pricing mechanism, the adjustment of domestic resource tax will not affect the price level of crude oil, but only the profit level of crude oil extraction enterprises. The domestic product oil is indirectly connected with the international crude oil price in a controlled way. The official said that the adjustment of crude oil resource tax rate will not affect the price of refined oil, and there is no price transmission. Therefore, it will not increase the burden on oil refining enterprises and consumers

in terms of natural gas, the government's guiding price is set on the administrative folding table of domestic natural gas. At present, the ex factory benchmark price of domestic onshore natural gas is 1155 yuan per thousand cubic meters. After the reform of natural gas resource tax, this benchmark price is still implemented. Therefore, it will not affect the natural gas prices used by gas users and end consumers

since 2010, China has piloted resource tax reform in Xinjiang and other places. The official said that according to the pilot reform of crude oil and natural gas resource tax in Xinjiang and the whole western region, the ad valorem collection of crude oil and natural gas resource tax did not affect the prices of crude oil, refined oil and natural gas

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